Short Sale Power Hour

Last week we chatted at length regarding mortgage insurance and dealing with mortgage insurance companies during the short sale process. In that episode, we spoke about how we were presently in a battle with a mortgage insurance business that is asking the borrower for a giant promissory note. We finally got to the COO of that mortgage insurance business and emailed him numerous times with the confidence that they are making a terrible decision.

My First Short Sale

Welcome to Group 4610′s website. We are Kevin Kauffman and Fred Weaver, Arizona’s Leading Short Sale squad. We have closed hundreds of short sales over the past few years. However, this video is not about us, it’s about you!

One of the frequent discussions we have with property owners is about missing payments. Many of these house owners are even now current on their mortgage payment. Maybe they haven’t yet experienced the decrease in their earnings or they have not completely exhausted their whole savings account thus far. They frequently want to know whether they ought to or should not miss payments.

Short Sale Power Hour

Today’s installment is on site in front of a active listing in Mesa. It seems like a good time to talk about the consultation that we have with the home owner upfront. That is probably a 30 minute subject that we won’t be able to deal with entirely today. Yet, you can get the whole discussion information if you go to one of our approaching Crush It courses.

One of the things that we hear from realtors commonly is that the seller does not want to sign the approval that says they may be pursued for the shortage. Or the seller was stunned when they found out that the mortgage insurance company asked for a promissory note.

Short Sale Power Hour

We are setting out on day 2 with Trent Chapman and we are amazed by the number of appearances Trent has had on shortsalepowerhour.com. We asked Trent to come back to talk about the Short Sale Genius Designation program. Everyone knows that we are not huge fans of designations. We have contributed on our own designation recently, but we stole that from Trent. Still, Trent has decided to do a real designation. The designation is for realtors who work with troubled properties.

Short Sale Power Hour

Today, Kevin and Fred would like to chat about making the mortgage payment or missing the mortgage payment. So, how does the squad at Group 4610 handle this situation?

As real estate agents we have to be very careful not to tell our customers to skip payments and also not to direct customers to make payments. Maybe the best thing that we can do for the customers is to have them phone the bank.

Short Sale Shift

Are there some credit penalties of a short sale?

-Yes, there are credit penalties with a short sale. Just like some loan, if you are missing payments on your mortgage you are going to have negative marks on your credit for missing those payments. Now with a short sale, lets say you miss a couple payments. You are going to have harmful marks with a short sale. Still, if you go through the entire foreclosure route you will have lots more negative marks because you will almost certainly miss added payments. In addition, when you do complete a short sale there will be something on your credit report that will say debt settled or debt settled for a reduced amount. But, if you have a foreclosure on your credit report it is going to declare debt not settled or foreclosure or something of that kind. So, you will be a good deal better off closing a short sale since the marks on your credit will be a lot less.

A short sale occurs when a lien holder for the property agrees to a reduction in the property lien or loan to progress a real estate sale. A potential buyer of this property has the opportunity to purchase the property at a reduced sum. A short sale of a property is an alternative to allowing a homeowners property to be foreclosed.

How Does a Short Sale Work?

http://www.commercial-modification.com

The commercial loan review has opposite meanings for the the borrower and the lender when they are preparing to negotiate for a  restructuring of the debt.  Loan restructuring is being pushed by bank regulators, such as the Federal Reserve and the Federal Deposit Insurance Corp. (FDIC), because they know that this will lead to better results for both parties.

Often real estate investors believe that real estate listings are not good lead sources. They think that people with distressed properties will not have time to wait on an agent. Investors often devote a lot of time and money to alternative methods of finding deals. They may spend time using bandit signs, 800 numbers and offering rewards for information on deserted properties.

But you should not neglect any way that you can get good leads on investment properties. However, real estate listings often hold more promise than you might think. You can learn a lot of important things from real estate listings. Spotting these things could lead to a good investment opportunity.